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ADP: August Jobs Market Better than July, but Declines Continue
Private employment across the nation declined at its slowest rate since September in August, according to the ADP employment report, which tracks actual payrolls from businesses.rnrnThe report found that 298,000 private jobs were lost in the month. While not quite matching expectations for a fall of 245,000 jobs, the report suggests that the labor market improved compared to July, when 360k jobs vanished from the economy.rnrn“Employment losses are clearly diminishing,†the report said, followed by this caveat: “Despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is still likely to decline for at
MBA Recommends New Secondary Market Framework
As the new administration deliberates on what the government’s role should be in securing mortgage credit across the US, a national group of real estate representatives today released its recommendations on how to support the secondary mortgage market. The key recommendation is to create a new type of mortgage backed security that would help to ensure liquidity. The Mortgage Bankers Association (MBA) said the new security would be supportive of the secondary real estate market for single- and multi-family homes, without putting taxpayer money at risk.
Mortgage Applications Fall Despite 5.15% Average Rate
A slight hurdle was hit after many weeks of increasing demand for mortgage loans and new purchases, a housing industry survey said. Even with average interest rates for a 30-year mortgage moving downwards in the week, demand for refinance loans, new loans, and purchases each declined.rnrnThe Mortgage Bankers Association (MBA) said interest rates for a 30-year loan moved down 9 basis points to 5.15% in the week ending August
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